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. >> in europe, google faces anti-competition measures. >>> in the united states, ben bernanke gets ready to outline an exit strategy to a skeptical congress. >> a warm welcome to "worldwide exchange." i'm chloe cho in asia. it's just past 5:00 p.m. in singapore. let's check on where the asian markets are wrapping up the trading day. mostly weaker today on the back of weaker consumer confidence numbers. and toyota lows taking the nikkei lower by 1.5%. the hang seng off 0.75%. on the other hand, we have the shanghai composite erasing all of its earlier losses, pushing higher by 1.3%. a lot of speculation in small cap stops and what may be linked to the national people's congress set to kick off next friday. other markets are weaker, the kospi down 1%. the bombay sensex has been trading around the front line. the aussie market asterisk comes off the table, a lot of commodities and resources lower. the s&p/asx 200 down .5%. let's check on the ftse cnbc global 300. slightly off 0.4% at 4,315. good morning, becky. >> good morning. it's about 10:00 on the continent. european markets have been t
going on today. this is "mad money high noon." we've been listening all morning to ben bernanke's testimony. they're taking a break and we're monitoring it and return to it if need be. let's go to steve liesman. what do you think is happening here? >> the main thing to note is the thing he said again that the fed will remain exceptionally low for an extended period. there were questions about given what happened to the discount rate and given a very confusing financing program that they announced yesterday which is sort of a drain on liquidity. the main thing is bernanke steps forward and says we will remain exceptional, there are a lot of games and dancing going on about regulatory reform and games and dancing going on about some of the fed anger and the populist anger about where you go from here on deficits and that, but i don't think any of that is as substantial, jimmy, as the chairman saying here's the policy. the policy is what it was in january. one other note i would make, i thought his comments on the recovery were tentative and more on the one hand and on the other ha
for an extended period. >> tom: but ben bernanke tells lawmakers he's moving ahead with plans to pull some of the rescue programs put in place during the financial crisis. you're watching "nightly business report" for wednesday, february 24. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program was made possible by contributions to your pbs station from viewers like you. thank you. >> susie: good evening, everyone. your interest rates won't be going up for a little while longer. federal reserve chairman ben bernanke told congress today he does not plan to raise rates anytime soon. >> tom: susie, those were magical words for investors. stocks rallied with the dow gaining 91 points. >> susie: tom, bernanke also told lawmakers about the fed's plans to wind down the emergency lending programs put in place during the financial crisis. darren gersh has details, and how the transition back to normal could impact you. >> reporter: when you've pumped more than a trillion dollars into the financial system, as the federal reser
. >> in the united states, the spotlight shines today, ben bernanke is back on the hill and president obama's high profile health care summit. >> hello there. a warm welcome to "worldwide exchange." it's chloe cho in asia where it's just past 5:00 p.m. in singapore. a similar scene that we saw as yesterday, of course, investors picking up on bernanke's comments. going forward, could be weak. of course, we had some weak housing numbers, as well, along with disappointing consumer confidence this week. take a look at the damage report. the yen is not helping. nor are the toyota woes. the hang seng, slightly off the shanghai composite. we did have the auction yield on three-month bills along with one-year bills earlier this week that left those yields unchanged. a lot of investors seem to be thinking that perhaps this could be a sign the pboc is taking it easy as far as tightening is concerned. as for the other markets, the kospi down 1.6%. the bombay sensex is pretty much right along the flat line and the aussie market lower by 1.2%, back below that key 4,600 level and take a look at the ftse cnbc gl
morning. i'm mark haines. >> i'm erin burnett. front and center, benjamin s. bernanke. >> yes. >> will be testifying in front of the house financial services committee about the economy and anything else they want to talk about. that'll be live in an hour. >> how about the exit strategy? imagine there will be some questions about that. the sec meets on possibly curbing short sales. huge issue for the market. full details coming up. >> and president obama meeting with key business leaders. it's all happening during this show. we've got a lot of breaking news, big headlines for you. we will be all over it, mark. how are your futures? >> not too good. >> no. >> up 0.70. we get a little break here because we closed a point above fair value. but, you know, looking at maybe 15, 20 points on the dow at the open. let's hit the markets. peel back the layers of the onion starting with brian shactman at the big board. >> thank you. listen, asia and europe were pretty mixed. germany, their economy in an absolute standstill. doint need to go over bernanke and all things going on in d.c. wi
because of the greece situation, and also because fed chief ben bernanke is saying that they're going to look into the swaps specifically with goldman. so that is an issue, of course, as well. i want to bring in brian shactman who has been down here all day and tracking all of this action. a very big day, indeed, brian. let's talk about the economic situation and how the jobless claims are affecting this market. >> the truth is when americans woke up today, we will have a negative open because of europe. the concerns over greece, of course, made the euro softer and the dollar strengthen. we've had a real correlation with the dollar and the euro in eshgsz kitties and jobless claims hit and it was muted and boom, we bottomed out and they were a concern today and we have traders saying this is a 70% greece and the others is saying 100% about jobs. a lot of earnings and there's a big, big deal that we want to talk about today as well. >> coca-cola enterprises. this had been to some extent, somewhat expected within the m&a community. when you see a deal like this a multibillion deal, one w
with thousands of flights grounded as we speak. >>> fed chairman, ben bernanke laying the groundwork on the central bank's exit strategy for the economic rescue efforts. we've got details of what mr. bernanke said today coming up. >>> but first here's a look at how we finished the day on wall street. the dow jones industrial average under water today. down 21 points on the dow at 10038. under a billion shares traded here on the nyse, as people stayed home, instead of embracing the heavy travel and heavy snow. s&p 500 down 2.5%. quarter of a percent lower at 106 and the nasdaq composite gave up three points and technology one of the winners on the session as was financial services. we get all of the action right now from bertha coombs our floor on the nyse. >> reporter: hey, maria, all things considered it's not a very bad day on the close, even though we closed to the downside. the real factors that kept people hessittant today, the snow of course. that kept volumes lower, but also the uncertainty about where we're headed with greece. this morning, as you take a look at the intraday
call." i am trish regan and we are 09 minutes into today's trading. market lower amid ben bernanke's comments and we'll talk about the fed's exit strategy and what it means for your money right now. hey there, larry. >> hey, trish. i'm larry kudlow, conflicting reports on whether there's a european plan to bail out greece. we'll have a live report from brussels and we'll discuss what needs to be done right here. good morning, melissa. >> as toyota's problems mount we ask are cars just too overengineered and sophisticated computers doing more harm than good. this is "the call" on cnbc. >>> it looked like it was going to be a positive day on this snowy morning in new york city as traders remained optimistic that there would be a bailout for greece, but then germany said there was no imminent plan and the rallies stalled and after ben bernanke announced the fed's exit strategy. take a look at how the s&p 500 is trading. it is down seven points on the day and it's two-thirds of a percentage point. take a look at the dow, it's down 59, almost 60 points and that's 0.1% and sitting below
. >> the second day of testimony will come from fed chair ben bernanke. >> there's more testimony coming out on toyota today, and news from general motors shutting down it's hummer production. >> in our trader talk, we are joined now with richard ilczyszyn. i have to mention that yesterday, it seemed like every time ben bernanke opened his mouth, the markets rallied a little bit more. >> agreed. that's a good point. let's start at the beginning part of the day. the s&p currently at that time was trading at 1090's. we get a housing number that shocks the system, the worst in recent history here for this specific months, the market sells off. then bernanke's testimony, the market gains momentum on statements that we have to keep interest rates low, giving the technical buyers help in their trade. the s&p yesterday trading above 1100 gives us a little bit of breath. i don't think this is going to be a tear on a bull run here unless we can close above the previous high, 1112, well above the 50-day moving average. i think the jury is still out whether or not this is going to be enough information
. >> but they will be -- >> who will they be? >> ben bernanke. >> okay. senate banking committee. president holds a key health care meeting. that's why we have the white house. what else? >> snow in the northeast. it started as rain this morning for many this morning who are watching but it has turned into thick -- >> wet, heavy. >> idyllic if you're looking to -- >> don't shovel this stuff. >> well, good morning, everyone. it's good to be with you. we're here, glad you're here. i'm erin burnett. >> i'm mark haines. >> it says i'm market haines. i want everyone to know it's funny. >> yes, i noticed that. also front and center the number of u.s. workers filing initial claims for unemployment benefits rose unexpectedly last week. >> coca-cola striking a deal to buy the north american operations of its largest bottler. you just saw the ceo there. >> heinz posted $231 million profit. a lot of ketchup. >> futures are sad. >> not good. >> part of the reason for the sadness was an unexpected jump in unemployment claims. >> hum. >> much bigger jump than anticipated. a lot of people are looking through it and saying i
investigation. and fed chairman ben bernanke told lawmakers at a senate banking hearing today that he's reviewing goldman's derivative swaps with greece. >> obviously, using these instruments in a way that intentionally destabilizes a company or a country is... is counterproductive, and i'm sure the s.e.c will be looking into that. we'll certainly be evaluating what we can learn from the activities of the holding companies that we supervise here in the u.s. >> susie: at that same hearing today, bernanke repeated the same message he told house lawmakers yesterday-- he does not plan to raise interest rates anytime soon. so, if interest rates remain at historically low levels for many more months, what does that mean for stock investors? suzanne pratt asked some market pros for their opinion on that topic. >> reporter: when federal reserve chairman ben bernanke talks, wall street always pays close attention. that's because there's an inverse relationship between fed policy and stock prices. tighter money usually means stocks move lower, while easy money generally equals higher stock pric
, will they or won't they? the bailout chatter for greece intensifies. >> and here in the united states, ben bernanke will set out the fed's exit plan today but will likely make jobs clear, we'll still be in the car for some time to come. >> and welcome to "worldwide exchange." i'm christine tan in singapore where it's 5:00 p.m. in the city. let's get a view of where the asian markets have closed today. a lot of hopes pengd on the european union. they might come up with a plan to bail out greece. the nikkei 225 is up marginally. toyota continues to be focused. that stock climbing despite anal announcement that it's recalling another set of cars. the shanghai market up more than 1%. a lot of positive comments out in the country about strong import data and export data and that's helping to lift sentiment in china. the kos pit is moving up flat. people and investors are staying on the sidelines. the bombay sensex is trading down 0.5% and the aussie market is pretty much flat, up 0.2%. the ftse cnbc global 300 up 8 points, 4,243. ross, good to see you. >> hey, christine. we're very much focused on the w
not agreed to anything yet. >> and ben bernanke will be releasing his ideas on how the fed is going to pull back from its current role of propping up the economy in every way, shape, and form. we're going to have that live at 10:00. i know his comments are coming out, mark. i'm not sure if he's actually going to physically be there because you know in washington it's a little snow. what are they going to do? >> i think they now have a total of 50, five zero, inches on the ground. >> yeah, yeah. >> we also have big snow issues in new york, baltimore, philadelphia, airports closed, schools closed. it's a real mess. this is a live picture. >> wow. >> well, it was a live picture of reagan national airport. it is empty. >> that's amazing. it really is. mark, you know i remember when there was a forecast of snow things would be shut down and called off and to your point pretty incredible what has been going on there. snowmageddon. that's an amazing picture, live. no one at the airport. >>> the futures right now are plus 0.70 on the s&ps. we needed 1.42 to get to fair value. so it's very close to
. bernanke's testimony was released this morning. on outlining an exit plan, the market pretty much took a slide. a lot of things that told about -- heard about. the 10-year auction did not go too well. rick santelli will have more on that, partly because of the low volume, because of the storm. as the storm's intensified here in the northeast i know that traders are concerned about getting home and we've seen volumes get lower. financials have been the standout all day and really moved us into positive territory midday. jpmorgan, bank of america very strong. and strong that perhaps metlife set to buy its alcoa unit. energy and materials have gone back and forth as the dollar has gone back and forth. dollar lost ground midday. we saw them gained and now they're losing again as the dollar is stronger got and also got disappointing outlooks from lothan mentel. the super markets, maybe one of the benefactors to watch as far as the storms. their stocks today are doing pretty well. a friend of mine sent me picture it is from washington area super market chains there, calling them, so be it, s
, as well, and nursing losses from the federal reserve chief ben bernanke. we've got all the details. christine, we're waiting for the timing. >> that's right. let's see the properties expect of a package for gooes, is it having any impact on the euro right now? euro/dollar, 1.3763. euro is higher against sterling, 0.8841. euro/dollar 1.3763. dollar/yen, standing at 90 evening. a lot of eyes on what will happen with the package. nicole. >> the snowstorm may gone in the i'd, but it's reeking havoc in the east coast, especially in washington. government offices are closed for a fourth straight day at the estimated cost of $100 million in lost productivity. the senate will be back in session this afternoon, but no votes are scheduled. the weekly u.s. inventory data which normally comes out on wednesday has been postponed again until friday. january retail sales in december business inventories which were supposed to come out today have moved to friday. we still get weekly jobless claims at 8:30 new york time and they're forecast to drop by 12,000 to a total of had 68,000. >>> pepsi corp
.s. but the old bugaboo, inflation and ben bernanke, will the fed reduce the balance sheet and get rates to more normal levels in my lifetime? >> hopefully you will live a long time, larry, so yes. unfortunately i have never seen the fed or bernanke articulate how to downsize the balance sheet. i haven't seen a plan out there to say, this is how we can do it. they are owns and backing these mosh mortgage-backed securities now and they will weigh reducing the balance sheet with propping up the housing market. we may see another republican revolution and a cut-back on the huge obama taxes on hedge funds, bank pay, small businesses and letting the bush tax cuts expire, i am not confident that bernanke has a plan to deleverage and 2.7% year-over-year growth in the cpi isn't scary, but it's not comforting either. >> you have cut back on your equity allocation, is that right, mike? >> yes, i am. i'm pretty much now at about 20%. jim points out the strong growth in corporate profits. a lot of it is from cutting overhead, cutting employees, but some junk bonds are attractive now for the companies that w
? >> a lot of speculation about the ecb and real quickly, i just want to mention that the bernanke hearing for tomorrow has been postponed. the expectation is that that is related to weather issues, of course. we've got a big storm coming our way here on the east coast. in the meantime we're looking at a market that's been up triple digits. up 99 and 100 as i speak and this is primarily because there is hope that, in fact, greece's problems may be somewhat tempered by the european union coming in and doing some kind of rescue, some kind of bailout. i want to bring in bob pisani. we've got a lot to talk about, bob. first, bernanke hearing. >> it's just because of the snow, there's nothing else going on. it's that simple and that makes a lot of sense and that's what traders have been saying and we're waiting for an official reason. >> mr. trichet is on his way back from sydney as we speak a day early and a lot of people are putting their hopes on him coming forward with some kind of plan. >> it's actually moved the markets. remember in '92 with the treat they created the whole euro, and gree
by a blueprint coming out from bernanke this week on a plan for credit tightening? >> now, you know, this is the usual thing, nicole, bernanke will come out and he'll have to be careful what he says. he has been saying we'll have an exit policy but not yet. exit policy means look at my finger. higher interest rates. it's like saying the market correctors. was it wrong before? the exit policy is when we're going to see higher interest rates in the united states and of course the markets right now don't want to hear about that. bernanke is saying when the time is appropriate will include interest rates because the markets will want to know when is the appropriate time. can you spell out what's going to happen? the problem is guess what? we're having low unemployment so what if we have low unemployment the month after that? will that be the appropriate signal? >> there we go. andrew freris to stay with us. we'll get you some headlines making news right now. meanwhile, around the world, in the united states, the head of the world's largest bond fund says 2010 will be a year of sovereign
, fed chairman ben bernanke has returned to capitol hill this morning. and investors are looking for more clues on the central bank's next move. and the markets at this hour have u.s. equity futures under a bit of pressure after yesterday's rebound as "squawk box" begins right now. >> welcome to "squawk box" right here on cnbc. i'm becky quick along with joe kernen at the cnbc world headquarters. carl is in washington this morning where president obama is hosting a televised health care summit. we'll have more from carl on that story. but joe, that's not the only news in washington today. >> no, it's not. we may pipe in that music with carl down there and he'll be looking good. he'll have his jacket on. >> he always looks good. >> yes, he does. also in washington, carl is there, but also this other guys that's going to show up. that's not really what all the scuttlebutt is going to be about down there. it's about carl. but ben bernanke will come back and testify on the hill today. yesterday he pledged to continue record low interest rates for, in his words, an extended period. >>
. >> if you want to keep jobs here, you have to find a way to incentivize corporations. bernanke's height rate plan. we will take a look at the policy shift. >> it costs $150 billion a year to treat alzheimer's. medivation is helping find a cure. the stock is up 80% of the year. their ceo joins us about their late stage development drug. >>> the fed is set to unveil its rate hike plan. it is going to be a delicate balancing act for policymakers. steve liesman heads big reporting on this story for weeks, months, maybe years, joins us now with the very latest update. steve, what are they cooking up? >> you know, the question, you know, fed chairman goes to the hill wednesday. the question is whether we will hear anything new from the considerable talk from the fed already about the exit strategies which we reported quite a bit. fed has been transparent about the plans to unwind easy policies. not necessarily in one place. the reason the fed wants to let markets know what it is cooking up for the piece. but afraid too much talk to believe war over the financial cries sis over. the fed does want t
much, sharon. we're not getting as much volatility today as yesterday although ben bernanke's tax did get a little movement. if you look at two-year yield it's slightly elevated and you look at the curve it's know changed. there's a potential for an exit strategy as depicted by that text. if you look at the next chart, indeed the euro versus the dollar has been mostly down, but it is bouncing back a bit especially in the last hour or so, keeping up with the headlines and some of those headlines, hey, the checks didn't have a good day and they sold an additional 150 million u.s. equivalent of their 15 year. they wanted to sell more, but portugal had better luck selling u.s. equipment of the 4 billion of ten-year note and let's hop across the pond and rebecca me ham. >> let's take a check of what's happening in europe and it's all about greece. no surprise there and we check on the fotse, the cac and the dax. 2.4% higher for greek eiquities today. we know we've had the european finance chiefsi having a conference call today. the ecb governing body is having a call tonight and tomorrow a
't paying attention. my lead of the bernanke speech was discount rate to be hiked. my lead on the minutes was -- >> it sounds like -- >> let me finish, melissa, just be clear, my sources are telling me in the wake of this that the concept there's another bit to come is not necessarily true. they may stop here. so the idea that somehow they're just beginning this process of going back to 100 over on the fed funds is not true. it's out there in a lot of stuff. they may stop here. >> rich bernstein -- >> i want to ask both of you. do you think fed funds december 31, 2010 will be higher than they are today? >> well, let me answer that question and put it back to you. the typical forecast, is that the unemployment rate will be 9.5% or higher. also, that the inflation rate over the last year will be 1 to 1.25%. i have to ask you if you think at that point the fed would begin to tighten? you tell me. >> first of all, i think the bond market will -- i don't think the bond market looks at core. i hate to argue with on you this one, but if we find the inflation rate starts breaking 3, 3.5, we break
't you tell us what you think after hearing a couple days of bernanke's testimony on the hill. does it change your outlook on what the fed is doing? >> no, as long as they use the magic words, extended period, we know the fed will be on hold for at least six months. that's what bill dudley told us. he said extended period was the language the fed has put in the policy statement, means at least six months. it was a phrase repeated by st. louis fed president bullard recently. so whenever bernanke puts his word in on it as well, we can feel assured that the fed is not likely to move for at least six months. the fed needs to be very clear at this day and age. so if they're telling us that that's what extended period means, that's what it means. and so, until there's some other clarifying comments, that's what we have to go on. >> we had somebody who told us yesterday that maybe they could move 25, 50 basis points. it's not the extended period but they're focusing on the incredibly low rates. either one of you guys quily think that's the case? >> the focus is on the extraordinary program
, you have three big concerns. bernanke's confirmation, slowing china growth and obama slapping the banks around in the aftermath of the massachusetts miracle. i think investors have really focused upon those things and have used those skuexcuses to t profit. >> you don't seem to think things are over. we're due for a pullback and maybe the bull market continues? >> you look at fourth quarter earnings right now and i guess we're about halfway through the season. two-thirds of the company have beaten on revenues. you have consensus earnings for s&p that have now moved up to $76 a share. that puts multiple of a 14 times forward earnings. you have core inflation below 2% year over year. 3.6% treasury yield. multiples are too low. you'll see more corporate earnings improvements and stocks will go higher. >> massachusetts miracle? massachusetts disaster maybe. massachusetts tragedy maybe. >> depends on your point of view. >> i guess it does. i want to get that other side in. >> why are you looking at me? phil is the guest. >> i'm sorry. >> jay, what do you think of that scenario? thi
of that market. >> diane, where does this leave fed chief ben bernanke in terms of interest rates and where we're heading? i mean, by most consensus here people would anticipate and he has said that he's going to leave them in a very low rate environment for quite some time. how long is that time going to be? >> you know, i've had the fed not raising rates until december for my entire forecast and i'm starting to re-think they might not raise it until 2011. this is a very weak economy. so the weather exacerbates weakness, no question about it. we may recoup some of those gains and we may recoup some of them in march, but at the end of day when you've got people losing income when they're living paycheck to paycheck already, that's just an economy that's not as resilient. it just underscores the fragility of the economy that ben bernanke himself said yes, the weather is noisy and we have to go through it and at the end of day this economy is not looking that great in the first quarter. >> speaking of that, let's attack today's data. milton, real gdp was revised upwards to 5.9% for the first qua
tullian. ben bernanke was on capitol hilary veal banks, including goldman sachs may have been trying to hide debt by using derivatives. >> angie, there are other battles being fought today, in the car industry. g.m. is beginning to question the future of its hummer line. we'll talk about that later in the show. >> apple made big news. steve job says the company has $40 billion, and it's hanging on to that money. >> let's get the day started with michael gurka, great to have you on the show today. >> thank you. >> and he have a lot to get to. first of all, the health care summit. does the market care? >> it does, but not to the extent where it's going to move anything, just because you could have two different reports from the same people at that meeting. there's a bias there, without question. the market's got bigger and better things to focus on now. >> what do you think sparked yesterday's big slide down, and then a little bit of a rally action at the end of the day? it comes down to many different factors, jobs binged lead, and of course the way that inventories are starting to it
of the treasuries this week at what happened in there, and what bernanke said, that maybe this economy's coming around. he suggested earlier in the week that maybe the discount rates might have to be raised. the only time they're going to raise the discount rate is if things are moving around pretty good. he throws that out there to see how the market would react. it reacted well to it. i think if retail sales is neutral to a positive number, that will help the market going into the weekend with the momentum. you have this sovereign debt thing, which greece seemed to abproblem, but doesn't seem to be a problem anymore. >> thanks so much, ron pankau. >> lawmakers unveiled a proposal for a jobs bill on thursday. senators are not likely to vote until the last of the february. it's an $85 billion plan including tax breaks for small businesses hiring new workers, along with construction projects, and an extension of unemployment benefits and health care coverage, along with other ideas. >> recent numbers show the job market is trying to recover with some applications for unemployment benefits fallin
news from ben bernanke, who gave testimony to nobody because of the snow. testimony which said he isn't going to tighten until the economy gets better, bizarrely. those comments initially send the market down hard. it made me think, what does the market say, what is wall street saying to him. they wanted to say, i'm going to plug the market with money even if things get good. would they have preferred them to tell us all is well, and i'm tightening right now? thankfully bernanke continues to do the right thing. i'm calling him the grown-up in chief. finally, i think we're going to see a real stimulus package coming out of congress. a bipartisan effort that will produce real jobs that use real equipment and fix real infrastructure. are you listening my friend? that's big news. it signals that the administration may be able to walk, chew gum and botch health care reform all at the same time. the bottom line, we slip through obama and china today. maybe this is the beginning of something big that will permanently sideline our two least favorite sea monsters. or maybe it's just a breather
was widely expected. ben bernanke came out last week saying a hike was coming, but many economists thought that the fed would at least wait until the next policy meeting next month. and in its statement, the fed says that the economic outlook does remain the same, reiterating that the benchmark rate will sustain for a period and that was echoed by the atlanta fed president, st. louis fed president and fed funds futures are pricing in a 25% chance of a rate hike by the end of the year. checking shares of u.s. bank in frankfurt, down across the board with citi lower, 1.4%. morgan stanley down 2.7%. ross. >> yeah. meanwhile, nicole, european stock markets ahead of the u.s. open, they've short of taken it mostly in their stride. we've had a sunny bit of green on the board this morning. we've dipped down slightly, off about .25% for the ftse 100. a little more for the german and french markets. smi, as we heard earlier, really good numbers from nestle, talking about growth in asia, so doing all the sort of things that james bev aan next to me likes. and the dollar has come off the highs on the
bernanke and the possibility of raising interest rates. or effectively raising interest rates. that is today's street poll. not long ago, this man had limited mobility. last month, this woman wasn't even able to get around inside of her own home. they chose mobility. and they chose the scooter store! if you or a loved one live with limited mobility call the scooter store! no other company will work harder to make you mobile or do more to guarantee your complete satisfaction. if we pre-qualify you for a new power chair or scooter and your claim isn't approved, the scooter store will give you your power chair or scooter free. that's our guarantee. they were so helpful and nice. they filed all the paperwork, and medicare and my insurance covered the cost. we can work directly with medicare or with your insurance company. we can even help with financing. if there's a way, we'll find it! so don't wait any longer, call the scooter store today. >>> as america slowly recovers from the recession many investors have been looking to china, the country's economy is in the middle of a huge
talking about bernanke in how the suggestion that rates will stay low for a long time, it was a positive for this market. >> i think so. i think that you're seeing a lot of sloppiness in a market without a lot of conviction. for my money i think that the two buzz words are exit strategy for 2010 and the sovereign risk and we've seen the risk. the euro gets their own structural problems but i think that the chinese implementing their exit strategy in the beginning of this year has kind of set the tone. bernanke's going to stay liquid, he's going to stay accomodated for a good long time and that's a mixed message. the fed's really not going to tighten, not going to make things difficult for us and then again the credit and the economy still needs a little bit support. we kind of grind out 2010, i think that we end up higher on the year but it's going to be a tough road down. >> so, do we end higher overall, you say? >> i think so in the u.s. >> substantially higher? >> i think high single digits will probably be a reasonable expectations. >> and what would be the way given the various fact
. >> okay let's talk about what went on this week, glenn, as ben bernanke addressed congressional commit these week. there's been so much attention focused on the fed and how they will unwind all of the monetary support that they've put into place to support the economy. last week the fed increasing that discount rate. what are your thoughts on the move so far? how much longer can the fed keep the rates as low as they are and still manage an exit strategy. >> i think that chairman bernanke said it well when he said that the fed would need to keep rates lo, certainly for most of this year. i think the balance sheet adjustments would happen before any formal changes in the federal funds rate. the real questions on an exit strategy aren't economic and technical. they're political. because the fed would have to unwind portfolios, things like mortgage-backed securities, long-term treasuries. that requires political courage, but i have every faith in the federal reserve that it can do this. >> let me ask you in terms of the administration in terms of the stimulus. they're talking about save, c
'll see what fed chairman ben bernanke has to say on tuesday and wednesday. he may shed a little more light on what the fed's policy actions yesterday and what they may be in the coming weeks and months. >> alex, what do you expect next week from bernanke and what do you think the reaction will be? >> it's two different things. i expect him to do nothing. what i would hope he does is raise rates. in the energy market you have a complete disconnect between fundamentals and price. if you look at the amount of crude, heat and gasoline in storage, we're at absurdly high levels but the price is also ridiculous and it's ridiculous because the dollar is so weak. so unless he does something and does what he should do you'll have crude continue to just drag itself higher with a weakening dollar and that's an unfortunate thing because it really doesn't help anybody. >> where do you think, alex, prices are going to be at memorial day on oil? >> i think what's going to happen is that i'm tending to fight this. i think that they want to push it towards $80 but i think it runs out of gas around the
. ben bernanke and company were feeling more upbeat about the recovery at last month's fed interest rate meeting. in minutes from the late january meeting, policymakers agreed on the need to eventually raise rates, but they differed on when to start. meanwhile, the treasury says more americans are benefiting from the administration's foreclosure prevention plan. through january, almost a million homeowners had their mortgage payments cut, but those trial loan modifications have only been made permanent in 116,000 cases. walgreen's will soon be the corner drug store in new york city. it's buying duane reade for $618 million. the deal makes walgreen's the city, and the nation's, largest drug store. >> susie: the recovery in the hotel business has a long way to go, and 2010 will be another tough year. so says the man who runs intercontinental hotels, and the holiday inn and crown plaza chains. his cautious outlook comes a day after the intercontinental hotel group reported a 34% drop in quarterly profits. joining us now, andy cosslett, intercontinental's c.e.o. >> welcome to "nightly busin
of weeks, barack obama has crossed a rubicon. he had a chance to get rid of ben bernanke and replace him with someone like john taylor. he had a chance to get rid of tim geithner. he didn't do that. >> okay, peter, it sounds like a series of things in your view. i have got leave it there. we have breaking news over at the breaking news desk. steve? >> thanks very much. we have talked to senator she y shelby's office. his office is telling us the senator shelby still believes that regulatory reform bill is still possible this year. they reveal there has been an area of agreement that we didn't know about that they agreed on the idea of a consolidated regulator. where the disagreement is over the issue of consumer protection. dodd wants consumer protection part of the agency to write its own rules. shelby said consumer protection rules must coordinate with safety and soundness. no agreement on resolution authority and other areas. dodd says there is an impasse that doesn't mean that regulatory reform is dead. shelby's office believes it is possible. >> tax issues, health care, still very
garzarelli, president of garzarelli capital. wednesday, federal reserve chairman ben bernanke testifies on capitol hill about the state of the economy. and monday, we charge ahead with new credit card rules. they go into effect that day, so we look at how they'll affect the bottom line of banks. >> susie: profitability was not a safe bet for nevada casinos last year. casinos posted their biggest- losses ever. the state's gaming board says the industry lost nearly $7 billion in fiscal 2009. more than half of that-- $4 billion-- was in properties along the las vegas strip. the only bright spot, from a financial standpoint: people drank more! alcohol sales rose 2%, while revenue tied to casinos, rooms and food, all dropped. >> tom: a month after toyota's massive gas pedal recall announcement and we're learning just how busy some auto repair shops have been. two large toyota dealers, auto nation and penske auto group have fixed more than 17,000 toyotas each. penske says the accelerator problems cost $70 to fix. that's the cost to toyota. so based on penske's assessment, toyota may spend up
. the fed was very clear about that in its statement. ben bernanke was very clear about that. we have to take them at their word. banks are still nursing a lot of wounds. >> they can say that all they want but the truth is rates are going to go up. for most americans that is the most important rate. >> well, so, they're not expecting a big increase in mortgage rates actually. when they stop buying mortgages in march. and to the extent that mortgage rates do go up, you know, think if anything it gives them less of an inclination to raise the fed fund rate further down the road. if you ask me, the odds of a feds fund rate increase later this year have actually gotten down in the last 24 hours and gone up because the number was soft. the soft cpi number means the dove have a strengther hand. they're saying we've got to keep rates low for a long time. the feds said this technical discount rate did not change the broader view of where the financial system and the economy are. >> can you explain why, then, they did this in an emergency way? they have this meeting where they make this decisi
me, i'm chaled. >> and what are you expecting to hear from bernanke on capitol hill tomorrow? you say restraint is needed. why and when? >> well, you know, the reason i think that restraint is needed is because i think that he may be getting a little bit behind the curve. the reason i say that is a lot of the so-called leading indicators of inflation, my work, suggested inflation in 2010 is going to be higher than the consensus expectation. so the consensus expects inflation to be around 2%. i think it could be over 3% in 2010. and i think bernanke needs to start move towards restraint, in other words, start to move towards some of the excess liquidity driving this inflation. so i think sooner as opposed to later. i actually think that if he starts to move towards restraint wibt might lead to an increase in bank lending, which is sorely acting. but nevertheless, i think he needs to move towards restraint sooner than the consensus believes, not later. >> that's what i wanted to ask you about. we're getting comments in from the fed's bill dudley who says small banks are fuelling the pre
. and with dr. bernanke scheduled to speak tomorrow, our sense is that that trade will be relatively quiet here. a high volume area last week was around 1064 even. we'll probably bing bong back and forth on that trade waiting for dr. bernanke or for further developments in europe. >> what's your view, jamie, about today's trade and whether you believe in the bounce we are likely to get, at least at the open? >> well, i think the most encouraging part is that this rally is coming from european financials. you can see all those works up markedly on yesterday's trade. domestically, local ibs have been overwhelmed by this european crisis. unemployment was a great number on friday. it exceeded expectations. earnings continue to be strong. we seem to have been weighed down by euro. if that turn around and those financials continue to hold these gains, it could be very good things domestically. >> jamie, most of the guys you trade with trade according to technical analysis charts and yada yada. let me run this by you. the day before yesterday, which was a monday, right? yeah. did monday look like a sh
for ben bernanke and the federal reserve, that there is a very substantial penalty for early withdrawal. we're seeing china and india tighten, now europe withdrawing its liquidity facilities. the u.s. would do well to mind this lesson. if we start to syphon off some of the liquidity, there really could be hell to pay. what we're seeing, when you mention gold, the deflation trade is being put back on. the dollar is going up, gold is going down, oil is collapsing, commodities across the board have been very weak. equity markets are falling all at the same time while domestic rates drop. for anybody worried about inflation in united states, the dollar is going up, u.s. rates are going down and the u.s. on a relative basis is still the safest market in the world no matter what anybody sayless. but there is a danger if the fed doesn't heed the lessons of what's going on elsewhere in the worldtion we, too, could face some of the problems like europe, although our banks are in better shape than yours. >> which is why, rick santelli, the china trade, you want to buy anything that need, we saw t
that we encountered right back in january, when we the concern about bernanke, when we first had the concerns about greece, still the market continues to rally, which is very interesting. and today there are about three or four of the dow jones comp componen components, those big market components that are actual flee negative territory. they've all drafted higher albeit on relative light volume. maybe it doesn't have much conviction but fact is now just sitting just 3% below where we closed a month and a day ago on january the 19th. "closing bell" continues with maria bartiromo. [ closing bell ringing ] >>> and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. here's what we're following at close tonight. stocks gaining against today, another rally under way following stronger than expected manufacturing data in the mid-atlantic region. the rally helping to send oil meanwhile to its highest level in a month. finishing tonight at $79.06 a barrel. we're mom
like the saints have it for a second. >> the guest host is inside the bernanke huddle during the financial crisis, former fed governor randy kroszner. >>> a big play here, a big play there, and the bulls may be ready to run. >> picked off. look out. just passed manning and tracy porter taking the ball all the way. touchdown, new orleans! >> "squawk box" begins right now. ♪ ♪ >>> good morning, everybody. welcome back to "squawk box" here on cnbc. i'm becky quick along with steve liesman, carl and joe are out but in studio we also have new york times reporter andrew ross sorkin. our guest host, randy kroszner, a business professor at the booth school of business. great to have you here, randy. >> great to see you. >> we have a lot to talk to you about this morning. let's go to your morning rundown. we have a game plan with howard ward, portfolio manager for gamco investors growth fund. then we'll see if we can diffuse the debt bomb that threatens the global market. it's a small problem we'll try to fix this morning. later we'll be monday morning quarterbacking the super bow
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